US President Donald Trump said the United States and China have reached an agreement over the short-video app TikTok, under which the US assets of the app, owned by the Chinese company ByteDance, will be transferred to local owners.
US President Donald Trump said the United States and China have reached an agreement over the short-video app TikTok, under which the US assets of the app, owned by the Chinese company ByteDance, will be transferred to local owners.
As Reuters reminds us, this issue is key to TikTok’s continued operation in the US, and its resolution has been underway for almost a year.
«We have a deal on TikTok… We have a group of very large companies that want to buy it,» Trump said, without providing further details.
He praised the agreement reached, calling it an improvement for both countries and saying it would save them tens of billions of dollars.
CNBC, in turn, reported that the deal will close within the next 30-45 days, and that it will include both existing investors in TikTok’s Chinese parent company, ByteDance, and new investors.
US Treasury Secretary Scott Bessant said in comments to CNBC that the commercial terms of the deal had been agreed upon since around March, with only a few details remaining to be agreed upon.
«This deal would not have been concluded without proper US national security guarantees. It seems that we have also managed to satisfy China’s interests,» Bessent believes.
The channel also reported that Oracle will retain its cloud services deal for TikTok. Reuters also previously reported that the White House is working on a plan to bring Oracle along with a group of outside investors to take control of the Chinese app.
Recall that earlier the US president changed his tone regarding the Chinese social network and stated that he was ready to give it «another reprieve», even without reaching an agreement with ByteDance.
Meanwhile, the EU fined TikTok 530 million euros because the platform’s representatives failed to prove the security of user data from the Chinese government.
